Irrational Exuberance

As Greenspan coined, 'irrational exuberance' this is certainly happening in the banking and insurance industries this week led by AIG, FNM, FRE, and C. All of these companies are owned to some degree by the taxpayer i.e. AIG 80% (note: A draft of the Treasury document that was left out in the final version called AIG "highly speculative"). The word is that hedge funds have jumped in which tells me that this tower is being built on sand and it will only take a sprinkle to sink it. I see companies like ABK, B of A, ETFC and so on are being pulled up by the momentum.

My fire continues to burn brightly around the Federal Reserve and its continued effort to keep the information as to what banks received what emergency loans a secret. They are now preparing an appeal.